Šiaulių Bankas starts the year successfully

2006-04-11

 

Šiaulių Bankas starts the year successfully

 

Not audited net profit reaches LTL 6 million for I st quarter in 2006.
During the first quarter of this year the Bank earned LTL 6 million in net profit, i.e. by 53 per cent more in comparison to the first quarter last year. The bank received LTL 2.5 million in net profit from the banking operations, i.e. by 2.5 times more than last year (it was earned LTL 1 million during the first quarter last year). Moreover, the Bank received LTL 3.5 million in dividendsfrom its subsidiaries, i.e. by 28 per cent more than last year (dividends comprised LTL 2.93 last year).
“Good results for the quarter prove the Bank’s projections, while the significant increase in commission income as well as rapid growth of loan portfolio let us believe that the plans set for this year would be successfully implemented”, - states the Chairman of the Board, Chief Executive Officer Algirdas Butkus.
The main indicators of the banking activities are close to the projected. The Bank’s assets increased by 6 per cent – up to LTL 1098.9 million during the quarter (the projected growth was by 4 per cent).
Net value loan portfolio increased by 13 per cent – up to LTL 747.7 million (the projected growth was by 3.5 per cent).
Deposits and letters of credit increased by 1 per cent – up to LTL 751.7 million (the projected growth was by 2.5 per cent).
The Bank is planning to earn LTL 12 million in net profit in 2006., i.e. half as much again than last year.